Satisficing

Satisficing,

Definition of Satisficing:

  1. Satisficing is a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. Instead of putting maximum exertion toward attaining the ideal outcome, satisficing focuses on pragmatic effort when confronted with tasks. This is because aiming for the optimal solution may necessitate a needless expenditure of time, energy, and resources.

  2. The satisficing strategy can include adopting a minimalist approach in regards to achieving the first attainable resolution that meets basic acceptable outcomes. Satisficing narrows the scope of options that are considered to achieve those outcomes, setting aside options that would call for more intensive, complex, or unfeasible efforts to attempt to attain more optimal results.

  3. Marketing: Concept that consumers are inclined more toward satisfactory decisions instead of the best decisions due to lack of (1) information, (2) information processing ability, and (3) time to do all that for every purchase decision. The term was coined by the US Nobel-laureate economist Herbert Simon (1916-2001) in his 1982 book Models Of Bounded Rationality And Other Topics In Economics. See also bounded rationality and optimization.

  4. Decision making: Examining alternatives until a practical (most obvious, attainable, and reasonable) solution with adequate level of acceptability is found, and stopping the search there instead of looking for the best-possible (optimum) solution.

  5. General: Aiming to achieve only satisfactory results because the satisfactory position is familiar, hassle-free, and secure, whereas aiming for the best-achievable result would call for costs, effort, and incurring of risks.

  6. Decide on and pursue a course of action that will satisfy the minimum requirements necessary to achieve a particular goal.

Synonyms of Satisficing

Fulfil, Gratify, Meet, Fill, Serve, Provide for, Supply

How to use Satisficing in a sentence?

  1. Customers often select a product which is good enough, rather than perfect, and that's an example of satisficing.
  2. Satisficing aims to be pragmatic and saves on costs or expenditures.
  3. If you have people in your office who are just satisficing it is best to replace them with new blood that is more motivated.
  4. A limitation of satisficing is that there is no strict definition of an adequate or acceptable outcome.
  5. I was not a fan of satisficing because I wanted to aim for the stars and become something to remember for everyone.
  6. It talks about telling you not to just satisfice but to always look for the best.
  7. Satisficing is a decision-making process that strives for adequate rather than perfect results.
  8. Some people in your office may be content to just get the job done and are complacent with satisficing while others want to do the best.
  9. The term "satisfice" was coined by American scientist and Noble-laureate Herbert Simon in 1956.

Meaning of Satisficing & Satisficing Definition